Morning Briefing: Top stories from The Straits Times on July 6, 2025
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Straits Times
5 days ago
- Straits Times
Local buyers are key to recovery of prime district condo market
Find out what's new on ST website and app. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025. SINGAPORE – When Malaysia's IOI Properties began pre-sales for its 683-unit, 99-year leasehold condo W Residences Marina View in Singapore's Central Business District on July 13, only two units were reportedly booked. It was a sign of how foreign buyers, deterred by hefty taxes on their property purchases, were still giving the luxury housing segment a miss. But just a week later, two new prime district condos, UpperHouse at Orchard Boulevard and The Robertson Opus in Unity Street – the only 999-year residential project launch in District 9 this year – collectively sold 303 units over their July 19 launch weekend. This is above the 253 new units sold in the third quarter of 2023 after foreign buyers were slapped with a 60 per cent additional buyer's stamp duty (ABSD) in April 2023. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025, according to PropNex. The dry spell afflicting prime district condos appears to be lifting, with UpperHouse and The Robertson Opus poised to boost prime district transactions to a two-year quarterly high in the third quarter this year. These units have become more appealing as the price gap between prime district condos and those in the city fringe has narrowed substantially. As a result, they offer better value to local buyers, who were primarily behind the weekend's strong showing at the two launches. The gap between the median price per square foot (psf) of new homes in the prime district and city fringe areas has narrowed from a high of 56.5 per cent in 2018 to a mere 1.9 per cent in the first half of 2025, Huttons Asia chief executive Mark Yip noted. Furthermore, the three-month compounded Singapore Overnight Rate Average, or Sora rates, have dipped below 2 per cent in July 2025, lowering borrowing costs, he added. An artist's illustration of The Robertson Opus in Unity Street. PHOTO: FRASERS PROPERTY, SEKISUI HOUSE As a result, more than 93 per cent of new non-landed private homes in the prime district in the first half of the year were bought by Singapore Permanent Residents and Singaporeans. PropNex chief executive Kelvin Fong noted that the average $3,350 psf price transacted at UpperHouse is among the most competitive prices for a luxury condo launch in the prime Orchard Road area. In comparison, the 54-unit freehold Park Nova luxury condo in Tomlinson Road recorded a median price of $4,979 psf when it first launched in May 2021. On a quantum basis, transacted prices of UpperHouse's one-bedders began at nearly $1.4 million, while two-bedders ranged from $2.1 million to $2.7 million. At The Robertson Opus, some 41 per cent of its 348 units were sold on July 20. The units fetched an average price of $3,360 psf. Transacted prices of its one-bedders (495 sq ft) ranged from $1.59 million to $1.67 million, while two-bedders (689 to 721 sq ft) sold for between $2.17 million and $2.63 million, according to PropNex. In comparison, W Residences – which will sit atop the 360-room five-star W Singapore hotel – said it is offering selected units at special preview prices starting from just above $3,20 0 psf. That means prices of the cheapest one-bedroom units (538 sq ft to 570 sq ft) start at above $1.8 million. When asked how it plans to boost demand, IOI Properties said on July 22 that 'interest has been encouraging, with units already reserved or under negotiation'. A spokesman added that further release plans will be evaluated when the preview ends. With several more prime district and centrally located projects expected to be launched in the coming months, developers may become more strategic in their marketing plans and pricing, ERA key executive officer Eugene Lim said. This can be seen in the starting prices for River Green in the prime district of River Valley, and the nearby city fringe condo Promenade Peak at Zion Road. River Green's starting price of $2,846 psf and Promenade Peak's starting price of $2,680 psf appear to be a sweet spot for buyers of centrally located new launches. Both projects, which will launch on Aug 2, saw robust demand during July previews. Two more centrally located condos could begin pre-sales in October: prime district project Skye at Holland, and Zyon Grand at Zion Road, a city fringe project. Whether the rebound in new prime district condo sales can be sustained will depend on the take-up rates of the upcoming prime district and centrally located new launches. Mr Nicholas Mak, chief research officer at said this also hinges on whether prices of the new prime district launches are within 'an acceptable price range' – which appears to be the lower end of the $3,000 psf range for 99 year-leasehold launches, and between $3,250 and $3,500 psf for freehold developments. With the hefty ABSD still in place for residential property purchases by foreign buyers, the only way to keep local buyers interested in prime district properties is to ensure that prices are accessible to them , especially in the face of growing economic uncertainty.
Business Times
20-07-2025
- Business Times
Firm take-up at UpperHouse and The Robertson Opus with prices averaging about S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
Business Times
20-07-2025
- Business Times
Firm take-up at two prime CCR projects; UpperHouse 53% sold at average S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year leasehold development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
